Classical

Managerial Economics - Managerial Economics Multiple Choice Questions

31:  

The cost assigned to factors of production that the firm neither hires nor purchases is called

A.

Opportunity cost

B.

Social cost

C.

Economic cost

D.

Imputed cost

 
 

Option: D

Explanation :

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32:  

A consumer's demand curve can be obtained from

A.

Engel's curve

B.

Income-consumption curve

C.

Price-consumption curve

D.

None of these

 
 

Option: C

Explanation :

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33:  

The prime cost may be considered as

A.

Sunk cost

B.

Direct cost

C.

Variable cost

D.

Fixed cost

 
 

Option: D

Explanation :

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34:  

The supply function, would shoot downward and to the right if the MC of all the firms in a perfectly competitive industry were to

A.

No change

B.

Increase

C.

Decrease

D.

None of these

 
 

Option: B

Explanation :

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35:  

The competitive equilibrium leads to

A.

Firms producing at a cost higher than the minimum.

B.

The firms producing at their minimum costs

C.

The firm producing with excess capacity

D.

Some firms producing under decreasing costs and others under increasing costs.

 
 

Option: A

Explanation :

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